DEERFIELD, IL-Despite record sales and record store openings, Walgreens is reducing its new store openings by fiscal 2011, executives said at the company’s first quarter conference call.

Previously, the company had announced plans to reduce its planned store growth from 8% long term to 5% by fiscal 2001. That now has been reduced further to a projected 2.5% to 3% by 2011.

“The biggest reason for the change is that the economy continues to shift and change,” said Wade D. Miquelon, chief financial officer. “We may so more consolidation, so this gives us more flexibility. This is the single biggest value creation lever we can pull.”

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